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International Monetary Fund. African Dept.

This 2016 Article IV Consultation highlights that economic outcomes in Sierra Leone have deteriorated sharply over the past two years. Growth declined dramatically from 20.7 percent in 2013, to 4.6 percent in 2014, and further to -21.1 percent in 2015. The budget is under severe pressure. Between mid-2014 and end-2015, the Leone depreciated 22 percent against the U.S. dollar. Banking sector vulnerabilities have increased. Living standards have also deteriorated significantly since late 2014. The medium-term outlook is somewhat positive, with growth projected to recover to 4.3 percent in 2016, increasing gradually to about 6.5 percent by 2020.

International Monetary Fund

The 2006 Article IV Consultation, First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility of Sierra Leone reviews sustainability of higher economic growth and reduction of poverty. Sierra Leone has made progress in improving governance and transparency, but much remains to be done, particularly in the area of governance. Reforms guided by the recommendations of the recent Financial Sector Assessment Program should be given high priority. The authorities concurred that future borrowing should be limited to concessional terms to avoid another build-up of unsustainable debt.

International Monetary Fund. African Dept.

This paper discusses Sierra Leone's Third and Fourth Reviews Under the Extended Credit Facility Arrangement and Financing Assurances Review, Requests for Waivers for Nonobservance of Performance Criteria (PC) and Modification of PC. Program implementation has been good, notwithstanding the shocks that the economy has experienced. Despite missing several end-2014 PCs, owing to the Ebola outbreak, authorities have placed policies back on track. All end-June 2015 PCs, as well as most structural benchmarks, have been observed. The IMF staff supports the authorities' requests for waivers, as well as for additional financing from the IMF.

International Monetary Fund. African Dept.

This 2016 Article IV Consultation highlights that economic outcomes in Sierra Leone have deteriorated sharply over the past two years. Growth declined dramatically from 20.7 percent in 2013, to 4.6 percent in 2014, and further to -21.1 percent in 2015. The budget is under severe pressure. Between mid-2014 and end-2015, the Leone depreciated 22 percent against the U.S. dollar. Banking sector vulnerabilities have increased. Living standards have also deteriorated significantly since late 2014. The medium-term outlook is somewhat positive, with growth projected to recover to 4.3 percent in 2016, increasing gradually to about 6.5 percent by 2020.

International Monetary Fund. African Dept.

This 2013 Article IV Consultation highlights that Sierra Leone has made significant progress in macroeconomic stabilization over the last five years. Real GDP growth averaged some 7 percent, driven by output expansion in agriculture, mining, and services; as well as the scaling-up of infrastructure investment. Nonetheless, important impediments to broad-based growth remain, including large infrastructure gaps, insufficient energy supply, and limited access to safe water and sanitation. Medium-term prospects are positive. Growth is projected to remain robust, mainly driven by iron ore production and continued high public investment; while inflation is expected to decline further as monetary and fiscal policies remain prudent.

Mr. Abdelhak S Senhadji
A growth accounting exercise is conducted for 88 countries for 1960-94 to examine the source of cross-country differences in total factor productivity (TFP) levels. Two differences distinguish this analysis from that of the related literature. First, the critical technology parameter—the share of physical capital in real output—is econometrically estimated and the usual assumption of identical technology across regions is relaxed. Second, while the few studies on the determinants of cross-country differences in TFP have focused on growth rates of real output this analysis is on levels. Recent theoretical as well as empirical arguments point to the level of TFP as the more relevant variable to explain.
ABDELHAK SENHADJI

A growth accounting exercise is conducted for 88 countries for 1960–94 to examine the source of cross-country differences in total factor productivity (TFP) levels. Two differences distinguish this analysis from that of the related literature. First, the critical technology parameter—the share of physical capital in output—is econometrically estimated and the usual assumption of identical technology across regions is relaxed. Second, while the few studies on the determinants of cross-country differences in TFP have focused on growth rates of real output this analysis is on levels. Recent theoretical as well as empirical arguments point to the level of TFP as the more relevant variable to explain. [JEL E25, O47]

Mr. Kevin J Carey, Mr. Sanjeev Gupta, and Ms. Catherine A Pattillo

Abstract

Growth in sub-Saharan Africa has recently shown signs of improvement, but is still short of levels needed to attain the Millennium Development Goals. Economists have placed increasing emphasis on understanding the policies that promote sustained jumps in medium-term growth, and the paper applies this approach to African countries. The evidence presented finds an important growth-supporting role for particular kinds of institutions and policies, but also highlights aspects of growth that are still not well understood. The paper includes policy guidance for ensuring that the poor benefit from growth.